If Obama has his way on taxes, he would reorder our lives from cradle to grave, for he knows what is best for us.
Although his proposals have little chance of being passed into law, they do show just what he and Progressives would do to us if they could.
President Obama would give a $500 tax credit to married couples when both spouses work. Would that really make a meaningful difference? It does advance his agenda of getting mothers to leave the care of their children to others. http://www.bloomberg.com/news/2015-01-18/obama-tries-tax-cuts-on-rich-again-offset-by-new-breaks.html
He would triple the maximum tax credit for child care to up to $3,000 for children under 5. After all, government programs in public schools are very effective at indoctrinating our children. They can scare them over manmade global warming, distort America’s history, and teach white privilege, for instance. As Hillary Clinton once said, “It takes a [government] village to raise a child.”
President Obama would reorder our lives when we save money to send our children to college. Currently we can use already taxed earnings to save money for our children’s college in a vehicle called a 529 Plan, and we withdraw the money tax free.
If Obama has his way on taxes, he would tax that money once again when the money comes out. Afraid that some higher earners in America may benefit from this, he is ready to shut it all down – for helping upper income earners and savers would just not be fair. How will those funds stay in business when people stop using this method to save for future college expenses? There will be unintended consequences.
As divulged by the Wall St. Journal blog: “Investors can currently contribute $14,000 per year per child into 529 plans without triggering gift tax or eating into their lifetime estate- and gift-tax exemption amount. They can also front-load five years’ worth of contributions to the plans.
The Obamas took advantage of this perk by contributing $240,000 in total for their two daughters to the plans, according to their 2008 tax returns. The move could have also helped them to lessen possible future taxes on their estate.” Well isn’t that sweet! The Obama’s got their tax break before wanting to shut if off for the rest of us! http://blogs.wsj.com/totalreturn/2015/01/20/tax-benefits-of-college-savings-plans-would-be-cut-by-obama/
If President Obama has his way on taxes, he would force employers to provide one week of sick leave per year, whether that puts them out of business or causes their prices to skyrocket to pay for it all.
President Obama wants to reorder our lives when it comes to our retirement by limiting our contributions to tax-advantaged retirement account to a total of $3.4 million. He believes that if we have enough saved to provide income of $210,000 per year in retirement, that is enough! His pension will be at least $200,000. He would not want any of his peons having more, after all. It is a matter of fairness! http://www.washingtonpost.com/business/economy/obama-has-a-sweet-retirement-deal-will-you/2013/05/02/76b70f76-b369-11e2-9a98-4be1688d7d84_story.html
President Obama would reorder our lives when our parents die. In the past, we inherited assets and paid capital gains taxes on those assets when we actually sold the assets. Obama would demand that estates pay capital gains on all securities at the time of the death. Not only that, we would stop inheriting those securities at the value they had at the time of death, which keeps taxes lower. President Obama now wants to have us inherit them at the price our relatives paid, and then pay capital gains taxes on them immediately. That would be an enormous burden! http://www.kiplinger.com/article/taxes/T055-C001-S002-cost-basis-for-inherited-stock.html#6Le3JBA7AiYgEG1V.99
Following the end of the last government shutdown, this President said: “You don’t like a particular policy or a particular president, then argue for your position. Go out there and win an election.”
We did just that, and here is our President’s response, in effect: “Too bad, I still won two elections.
These initiatives have little chance of being passed into law. They do demonstrate what he and Progressives would like to enact.
He is not just acting like a petulant child, he is angry and wanting revenge on those who just don’t like his policies. He will not accept the election outcome and stand down. After all, he only has two more years to “fundamentally transform” America!